Let us make an in-depth study of the M.M.T.C (1963) The Minerals and Metals Trading Corporation of India:- 1. Introduction and Establishment of MMTC 2. Aims and Objectives of MMTC 3. Management of MMTC 4. MMTC’S Position in the World Market 5. MMTC Unique Position in Imports 6. Activities of MMTC beyond Trading 7. Career with MMTC.
Introduction and Establishment of MMTC:
MMTC the largest international trading company of India and the first Public Sector Enterprise was established in 1963.
This enterprise has been accorded the status of “FIVE STAR EXPORT HOUSE” by Government of India for long Standing Contribution to Exports.
This corporation is one of the two Highest Foreign Exchange earner for India is a leading international trading company with a turnover of over US $ 5 billion.
MMTC’s diverse trade activities encompass third country trade, Joint Ventures, link deals all modern day tools of international trading. Its vast international trade network which includes a wholly owned international subsidiary in SINGAPORE spans almost in all countries in Asia, Europe, Africa, Oceanic and America giving MMTC a global market coverage.
Aims and Objectives of MMTC:
As the largest trading company of India and a major trading company of Asia MMTC aims at improving its position further by achieving sustainable and viable growth rate through excellence in all its activities generating optimum profits through total satisfaction of shareholders, customers, suppliers, employees and society.
Corporate objectives are:
1. To be a leading International Trading House in India operating in the competitive Global trading environment with focus on “bulk” as Core competency and to improve returns on capital employed.
2. To retain the position of single largest trader in the country for product lines, like minerals, metals and precious metals.
3. To promote development of trade related infrastructure.
3. To provide support services to the medium and small scale sectors.
4. To render high quality of service to all categories of customers with professionalism and efficiency.
5. To streamline system within the company for settlement of commercial disputes.
6. To upgrade employees skills for achieving higher productivity.
Management of MMTC:
The management of MMTC is done by a Board of Directors in which the following are the components:
1. Chairman and Managing Director.
2. Two Additional Secretary:
(a) Additional Secretary and Financial Advisor, Department of Commerce.
(b) Additional Secretary, Department of Commerce.
3. Five Directors:
(a) Director Finance,
(b) Director Marketing,
(c) Director Personnel
(d) Director Marketing,
(e) Director Marketing.
MMTC’S Position in the World Market:
MMTC is a major global player in the minerals trade and is the single largest exporter of minerals from India, with its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India as well as international subsidiary.
MMTC has won the top export award from Chemicals and Allied Products Export Promotion Council (CAPEXIL) as the largest exporter of minerals from India for the seventeenth year in a row. MMTC continues to lead India’s foray in mineral exports with global success for four decades by redefining standards of global excellence by customer satisfaction world-wide. It continues to be the largest supplier of Iron ore, handling about 15% of India’s total exports.
MMTC has managed with commendable elan (impetuosity) the bulk operations spread across far-flung areas in the mineral rich states of the country and by exporting minerals from all the major parts of India, thus utilizing the extensive Network of infrastructure facilities.
MMTC drive for excellence is re-in forced by its marketing thrust in traditional markets like Japan, South Korea and Pakistan. MMTC is the Catalyst (re-composition of elements) in developing the Chinese market for Indian Iron ore. MMTC India’s largest foreign trade enterprise, reiterates its commitment to augment India’s share in the global market for minerals and ores. For our consistent and sustained performance in the global arena, we deeply thank our valued patrons, associates and partners who have helped us to react the pinnacle (highest point) of global standards.
MMTC’s role in the Nation’s mineral export does not stop with increasing the volume. MMTC has been making certain strategic plans which would facilitate in not only sustaining the present level (pressure) of exports but also equip the country to meet the challenges of larger volume of exports in future.
One of the bottle necks in increasing the Indian Iron Ore exports in the deficiency in port facilities especially in the East-Coast where the operations are free from the vagaries of weather-like closing of port operations during the monsoon period in Goa, Mangalore, Bellikari etc. In this direction, MMTC has been successful in obtaining an exclusive right to develop a temporary Iron Ore Terminal at Ennore near Chennai.
MMTC Unique Position in Imports:
As An Importer of Fertilizers:
MMTC has remained one of the largest institutional buyers of fertilizers across the globe. MMTC has built this unique position through its continued presence for about four decades in the fertilizers arena internationally. MMTC has been successful in building confidence both amongst its suppliers as well as its buyers in India and abroad through its unsuited transparency in dealings and commitments to contractual terms of international trade.
MMTC through these four decades of buying, selling and net working has created a strong leverage for itself benefiting both the suppliers as well as the buyers. It thereby adds value in the supply chain with its reliable sourcing ability.
Thus MMTC remains the single unique window for buying and selling of all fertilizer products globally. Thus MMTC has become a major fertilizer marketing company in India through its planned forward, integration of its import activities.
MMTC is the single Largest Bullion Trader in the Indian Sub-Continent:
MMTC is the largest importer of gold and silver in the Indian sub-continent handling about 100 MT of gold and 500 MT of silver annually. It has opened retail Jewellery Show Room at Maker Bhawan in Mumbai. It supplies branded hall marked gold and Studded Jewellery. It has also opened a DUTY FREE Jewellery store in the Departure Longue at SAHAR International Air Port Mumbai, India.
Agro Products and MMTC:
MMTC (A Government of India Enterprise) is a global player in the Agro-trade with its comprehensive infrastructural expertise to handle agro-products. MMTC Limited provides full logistic support procurement, quality control to guaranteed timely deliveries of agro-products from different parts of India through a wide network of regional and port offices in India and its control abroad.
Activities of MMTC beyond Trading:
Social and Welfare Activities of MMTC:
MMTC’s Social and Welfare activities promote welfare of the employees through various schemes like sports activities, liberal loan facilities, like house building, advance convergence loan, household loan, marriage advances etc.
MMTC also provides subsidized canteen facilities, medical treatment, residential accommodation in some of the major cities for its employees. MMTC also takes care of employee’s families through merit scholarship, tuition fee, re-imbursement etc. It is committed towards environmental up keep through afore station in the mining areas development of tribal areas and infrastructural development through rail links, port facilities etc.
HRD Mantra in MMTC:
HRD Mantra in MMTC is to provide more and more job enrichment opportunities to all, so as to ensure that employees remain motivated to realize their full potential for organisational goals and self-development. Opportunities are also provided to all to enrich their knowledge base and technical skills through in-house training programmes and through trainings/seminars organised by reputed outside agencies.
Human resource development in MMTC, therefore is a continuous exercise compatible with the change in business patterns and technological innovations in an era of diversification and search for new business opportunities. Not with-standing the culture of a Public-Sector Organisation.
We in MMTC realise that our most importance asset is the employee. We should design our HR policies to meet the above objective.
Following are some of the HR Policies followed in MMTC:
1. In an IT driven culture, computer literacy is imparted to all employee’s.
2. Non-graduate employees are encouraged through various incentive schemes to become graduates. Likewise, post-graduate qualifications are encouraged through incentives for promotion to higher levels.
3. Graduate employees are encouraged to obtain professional qualifications through corporate sponsorships.
4. Through job rotation employees are constantly motivated to acquire knowledge and operational skills in different areas of company’s operations. This exercise obviously prepares employees for managing higher positions more completely.
5. As an incentive to better performers merit based promotions are considered.
6. Regular training programmes for upgrading employee, skills, knowledge and attitudes in areas like IT, ERP, e-commerce, international training practices, general management techniques etc. are organised in an effort to keep employees morale and commitment high.
7. Specialisation is encouraged in higher management positions through specialised management development programmes arranged within India and outside India.
8. General management training programmes for all categories of managers are periodically organised through reputed institutions like IIM, IIFT, MDI etc.
9. Periodical training programmes are also organised for the development of SC/ST/OBC employees and women employees.
Career with MMTC:
MMTC has been the Front-runner in selecting brilliant graduates for appointment as Deputy Mangers (El) the indication level for executives in trading and financial discipline through prestigious institute by way of campuses interviews. Strapping reservations for SC/ST/OBC are followed both in recruitment and promotions. To motivate talent within the company staff cadre employees are encouraged to become Deputy Managers through Limited Competitive Test.
Minimum experience for promotion from one level to the next higher level in three years depending upon availability of vacancies. Recruitment of staff in MMTC is banned for the time being while the corporation is focusing on skill development of existing manpower.